En\u00a0S&P \/ BMV IPC’s<\/strong>\u00a0top weekly gainers were: TLEVISA CPO (+13.4%), GFINBUR O (+10.4%), and RA * (+9.0%). On the other hand, the index\u2019s main weekly losers were: VOLAR A (-4.3%) and ORBIA * (-0.7%).<\/p> Grupo Televisa and Fintech Holdings agreed to acquire AT&T Mexico for US$2.0 billion through a consortium owned 50% by each company.<\/strong>\u00a0The acquisition will be financed through a combination of cash on hand and non-recourse secured debt financing. AT&T Mexico is the country\u2019s second-largest mobile operator, with 24.7 million wireless subscribers as of YE25, and reported FY25 revenue of MXN$85.4 billion and operating income of MXN$1.4 billion. Televisa expects to account for the acquisition as an investment in a joint venture using the equity method. The transaction remains subject to regulatory approvals and other customary closing conditions and is expected to close in 1Q27.<\/p> Grupo Financiero Inbursa filed an application to list Inversiones de Capitales Inca on the BMV following a spin-off of the financial group.\u00a0<\/strong>Inca\u2019s primary purpose will be to invest in Mexican and foreign companies operating across different sectors of the Mexican economy, with the objective of supporting their growth and job creation. The new issuer will also hold non-financial assets previously owned by Inbursa\u2019s banking, insurance, pension and investment-fund businesses. Through Operadora Inca, the company manages a closed-end private-equity fund focused primarily on medium- and long-term investments in Mexican companies with growth potential. Its clients include Pensiones Inbursa, Seguros Inbursa, Inbursa Seguros de Cauci\u00f3n y Fianzas and Banco Inbursa, each accounting for more than 10% of revenue. Inca reported 1H26 revenue declined 28.7% YoY to MXN$1.093 billion, while net income decreased 4.4% YoY to MXN$992 million. The listing date and ticker have not yet been determined.<\/p> Andr\u00e9s and Felipe Chico Pardo met with dozens of institutional investors in New York to present their strategy for Banamex,<\/strong>\u00a0according to El Financiero. They outlined plans to accelerate lending and recover market share lost during Citi\u2019s ownership. Citigroup is preparing an IPO of its remaining stake for early 2027 and is targeting proceeds of more than US$3 billion. Citigroup will lead the offering alongside Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, Barclays, Deutsche Bank, Santander and UBS.<\/p> The Slim family reduced its stake in Talos Energy to 17.8% from 23.4%,<\/strong>\u00a0according to an SEC filing. Grupo Carso completed the acquisition of an additional 30% stake in Talos Energy M\u00e9xico last March. Talos Energy plans to develop a Gulf of Mexico hub through its proposed acquisition of Repsol\u2019s interest in Block 29, complementing its participation in the Zama field.<\/p> Banco Citi M\u00e9xico issued MXN$18.08 billion (US$1.0 billion) of perpetual Additional Tier 1 (AT1) capital securities<\/strong>\u00a0through a private placement with Citicorp LLC. The securities are subordinated, non-preferred, callable and non-convertible into shares.<\/p> Santander M\u00e9xico reduced the minimum interest rate on its mortgage portfolio by 35 bps to 8.50%, effective immediately.<\/strong>\u00a0The bank said the new rate is the lowest among Mexico\u2019s major mortgage lenders and forms part of broader improvements to financing conditions for different customer profiles. Santander M\u00e9xico expects the revised terms to benefit more than 19,000 families. Its mortgage portfolio increased 8.5% YoY to MXN$268 billion as of 2Q26.<\/p> Grupo Bimbo secured Panco as the buyer of its Nutrella brand in Brazil following an electronic auction conducted by the Conselho Administrativo de Defesa Econ\u00f4mica (CADE).<\/strong>\u00a0The divestiture is a regulatory requirement for Bimbo\u2019s acquisition of Brazilian bread producer Wickbold. CADE selected Panco after previously rejecting two potential buyers proposed by Bimbo because they did not meet the conditions established under the 2025 antitrust agreement. Financial terms of the Nutrella transaction were not disclosed. Under the same agreement, Wickbold must also divest T\u00e1 Pronto, its tortillas and wraps brand.<\/p> Cemex plans to cut 70 jobs at its Lyons, Colorado cement plant.<\/strong>\u00a0The layoffs will take effect on November 21st and form part of the company\u2019s strategy to achieve US$475 million in savings by 2027 through asset optimization and lower expenses. The Lyons facility is one of Cemex\u2019s eight cement and grinding plants in the U.S. and has operated for 46 years.<\/p> GAP\u2019s Puerto Vallarta airport, which represented 10% of the company\u2019s YTD passenger traffic, was closed on Saturday at 5:00 PM due to Hurricane Sim\u00f3n and is scheduled to reopen on October 13th at 8:00 AM.<\/strong>\u00a0The Manzanillo airport, which accounted for 0.4% of YTD traffic, resumed operations on October 12th at 8:00 AM after being closed since Saturday at 6:00 PM.<\/p> Mexico\u2019s Antitrust Commission could approve the Volaris\u2013Viva Aerobus merger before year-end,<\/strong>\u00a0according to Reuters. The regulator could require Grupo M\u00e1s Vuelos to maintain low airfares, avoid mass layoffs and preserve most existing routes due to limited competitive alternatives. The agency is still defining how it would determine and monitor the routes the combined company would be required to continue operating.<\/p> Fibra Macquarie\u2019s Technical Committee concluded that Fibra Mty\u2019s tender offer price is fair from a financial perspective,<\/strong>\u00a0based on an independent financial advisor\u2019s analysis and fairness opinion.<\/p> Sinda appointed Alberto Zinser to its Board of Directors, increasing the Board to nine members, and named Vice President of Finance Scott Cole as interim CFO,<\/strong>\u00a0replacing Luis Barreto. Cole has more than 30 years of finance experience and participated in Sinda\u2019s NYSE IPO and transition to the public markets. The company also appointed former Newmont executive Alvaro Gomez as Vice President of Investor Relations and Corporate Development, responsible for investor relations and the evaluation and execution of strategic initiatives.<\/p> Fibra V\u00eda will conduct the second issuance of additional Series L CBFEs by October 27th for MXN$1.10 billion.<\/strong>\u00a0The transaction comprises 65.4 million CBFEs, including 36.2 million at MXN$18.95 per certificate and 29.2 million at MXN$14.2125. The securities will be allocated to existing holders that exercised their preemptive rights under the additional issuance approved in April. Settlement will occur through Indeval on a delivery-versus-payment basis.<\/p> Grupo Gigante appointed Jos\u00e9 Antonio Meade Kuribre\u00f1a as Independent Director and non-executive Chairman, effective January 1st, 2027.<\/strong>\u00a0Mr. \u00c1ngel Losada Moreno will retire as Chairman and Executive Chairman after serving on the Board since 1983 and holding both leadership positions since 2003. Losada Moreno will remain a Proprietary Director and become Chairman Emeritus. The company also appointed Luis Sebasti\u00e1n Sayeg Seade as an Independent Director.<\/p> M\u00e9dica Sur received received the ESG Commitment distinction from AMEDIRH and was recognized by MERCO Responsabilidad ESG 2026.<\/strong>\u00a0The awards acknowledge the company\u2019s practices related to sustainability, social responsibility and corporate governance.<\/p> Banking sector.<\/strong>\u00a0Total credit expanded 9.0% YoY in August, driven by 12.7% growth in consumer loans, 10.7% in government entities, 9.3% in corporate loans, 5.1% in housing, and 0.4% in financial entities. The sector\u2019s NPL ratio increased to 2.29% from 2.16% a year earlier, while the coverage ratio declined to 148.4% from 150.2%. Monthly net profit reached MXN$199.7 billion, down 1.7% YoY. ROE declined to 16.26% from 17.39%, while ROA decreased to 1.90% from 1.96%. The capitalization ratio stood at 20.77%, compared with 20.56% in June.<\/p> Afore system. The Afore system\u2019s net assets increased 13.3% YoY to MXN$9.12 trillion in September,<\/strong>\u00a0with Profuturo (18.1%), SURA (15.0%), and Coppel (13.6%) recording the fastest annual growth. The system\u2019s investment portfolio comprised government debt at 50.59%, international equities at 15.07%, private domestic debt at 11.05%, structured investments at 7.95%, domestic equities at 6.47%, Fibras at 3.05%, commodities at 1.17%, foreign debt at 0.56%, and other investments at 4.09%.<\/p> Telecom sector. The Chamber of Deputies approved a nominal 12% reduction in annual spectrum fees paid by telecommunications operators under the 2027 Federal Duties Law.<\/strong>\u00a0The measure covers the 800 MHz, PCS, AWS, 1.4 GHz, 2.5 GHz and 3.5 GHz bands. Annual fees for the PCS and AWS bands will decline to MXN$4,192.79 per kilohertz from MXN$4,764.53, while 800 MHz fees will fall to MXN$4,199.69 from MXN$4,772.37. The 2.5 GHz fee applicable to Baja California, Baja California Sur and San Luis R\u00edo Colorado, Sonora, will decrease to MXN$1,718.86 per kilohertz from MXN$1,953.25. The legislation was sent to the Senate for consideration.<\/p> Airline Sector. The U.S. Federal Aviation Administration identified 21 technical, operational and administrative deficiencies<\/strong>\u00a0that Mexico must address to preserve its Category 1 aviation safety rating, according to El Financiero. The findings involve updates to regulations, circulars and manuals, as well as improvements to inspection programs, training and staffing. The FAA will review Mexico\u2019s progress in December, effectively setting that month as the deadline for the Agencia Federal de Aviaci\u00f3n Civil to demonstrate corrective action. Mexico would retain Category 1 if the deficiencies are resolved, while failure to demonstrate adequate oversight capacity could result in a downgrade notification as early as February. A Category 2 downgrade would prevent Mexican airlines from adding new U.S. routes, frequencies or aircraft to existing U.S. services.<\/p> HR Ratings affirmed Pemex\u2019s long-term national-scale rating at \u2018HR AAA\u2019 with a stable outlook and revised its global long-term rating to \u2018HR BBB (G)\u2019, also with a stable outlook,<\/strong>\u00a0following the sovereign rating action on Mexico. The agency highlighted lower financial debt, recovering revenues and operating cash flow, an improved maturity profile and stronger liquidity relative to its previous review. HR Ratings also noted an operational recovery during 2026, supported by higher liquids production and a reserve replacement rate above 100%. The assessment reflected Pemex\u2019s refinancing transactions and financial-strengthening strategy coordinated with SHCP.<\/p> Pemex announced that gasoline, diesel and other fuel supply is guaranteed across regions affected by Hurricane Simon,<\/strong>\u00a0supported by sufficient inventories and reinforced emergency protocols at maritime terminals and storage and distribution facilities. CFE restored 100% of electricity service in the 13 affected municipalities in Guerrero and one municipality in Oaxaca after deploying 3,139 electricians, 427 cranes, 904 light vehicles, 208 emergency generators and four helicopters.<\/p> Altos Hornos de M\u00e9xico and Minera del Norte\u2019s asset auction was declared void<\/strong>\u00a0after Construcciones e Ingenier\u00edas Electromec\u00e1nicas (CIESA) failed to post the required US$56.3 million guarantee. CIESA had agreed to pay US$1.4 billion for the assets but missed the deadline to provide the guarantee. None of the other prequalified bidders posted the required amount. The bankruptcy trustee said Banca Afirme and Cargill Nutrici\u00f3n Animal M\u00e9xico could still form a consortium to submit a joint offer for the assets.<\/p> Arcosa Meyer Utility Structures inaugurated a new galvanizing facility in Monclova, Coahuila, following a MXN$2.1 billion investment.<\/strong>\u00a0The expansion strengthens the company\u2019s manufacturing capacity for galvanized steel structures used in electricity transmission and distribution infrastructure. The project is expected to create 400 direct jobs and more than 1,000 indirect jobs.<\/p> Volkswagen de M\u00e9xico workers rejected the proposed collective bargaining agreement for a second time, leaving the strike notice in place.<\/strong>\u00a0The rejected package contemplated a 13.16% cumulative compensation increase over two years, including salary and benefit adjustments. The union and company will need to resume negotiations to reach a new agreement before the strike deadline.<\/p> American Airlines will suspend its Tulum\u2013Miami service on January 5th, 2027,<\/strong>\u00a0as part of an adjustment to its seat capacity. The carrier will also discontinue its route between Tulum and Los Angeles in early January. American Airlines will retain only its Dallas Fort Worth\u2013Tulum connection, with one daily flight. American Airlines joins Avianca, Copa Airlines, AeroM\u00e9xico and Volaris among carriers that have discontinued or plan to discontinue service at Tulum International Airport. Air Canada, Air Transat, WestJet and United Airlines are expected to resume Tulum flights during the year-end season.<\/p> Thor Urbana reached 100% occupancy at TU Park Apodaca I after signing a 10-year lease with Cadrex for 350,000 square feet.<\/strong>\u00a0The agreement completed the leasing of the industrial park\u2019s 450,000 square feet of rentable area less than one year after its inauguration. TU Park Apodaca I and TU Park Apodaca II represent a combined investment of MXN$3.5 billion in Nuevo Le\u00f3n. TU Park Apodaca II will add 1.6 million square feet of rentable industrial space across seven Class A buildings.<\/p> Woodside Energy, an Australian oil and gas company, appointed Stephane Drouaud to lead its Mexico operations<\/strong>\u00a0as the US$7.2 billion Trion deepwater project advances toward first production in 2028. Trion was 64% complete as of 2Q26, with drilling and subsea equipment installation underway, and has estimated production capacity of up to 100,000 barrels per day. Woodside owns a 60% interest in the project, while Pemex holds the remaining 40%. Drouaud will also retain his position as vice president of the Trion project and relocate to Mexico City.<\/p> Paymentology,\u00a0<\/strong>a global payment-card issuer processor that provides payment-processing infrastructure to banks, fintechs and other financial institutions,\u00a0designated Mexico as a strategic market for its Latin American growth strategy.\u00a0<\/strong>The company plans to strengthen its local operations and technological capabilities as part of a US$175 million investment program across priority markets.<\/p> Dr. Simi,<\/strong>\u00a0the healthcare brand associated with Mexican pharmacy chain Farmacias Similares,\u00a0has entered Mexico\u2019s veterinary clinical-testing market<\/strong>\u00a0with the opening of its first SimiPet Care laboratory.<\/p> Kontempo,\u00a0<\/strong>a Mexican fintech that provides working-capital financing to small and medium-sized companies,\u00a0raised US$10.5 million in a Series A funding round<\/strong>\u00a0co-led by Portage and IGNIA, with participation from Tectonic and MS&AD. The transaction increased the company\u2019s cumulative debt and equity funding to more than US$40 million. Kontempo will use the proceeds to expand its technology platform, financing products and operations in Mexico.<\/p> Conekta, a Mexican payments fintech, has repositioned itself as a non-bank acquirer,<\/strong>\u00a0allowing it to connect directly with Visa and Mastercard and offer merchants higher payment-approval rates, lower fees and enhanced fraud controls, according to an interview with CEO and co-founder H\u00e9ctor C\u00e1rdenas in Axis Negocios. The company reduced chargebacks to below 0.2%, compared with a 2.0\u20132.3% domestic industry average, supported by proprietary artificial-intelligence tools. Conekta also partnered with BBVA M\u00e9xico and Spark to develop Pago Directo, which authenticates payments through facial identification in the bank\u2019s app without requiring customers to enter card details.<\/p> Latin American payments technology company tapi launched Autopay, a recurring-payment solution that allows users to authorize direct debits through their banking applications.\u00a0<\/strong>The platform connects more than 20 financial institutions in Mexico and has a potential reach of over 80 million users. PASE will be the first implementation, allowing toll users to link their tags directly to debit accounts for automatic charges after each crossing. PASE accounts for close to 80% of Mexico\u2019s electronic toll transactions. tapi plans to extend Autopay to recurring services including electricity, gas, internet and telecommunications.<\/p> YuMovil,<\/strong>\u00a0a Mexican mobile virtual network operator (MVNO),\u00a0launched shared data pools and white-label telecommunications services aimed at corporate clients.<\/strong>\u00a0The offering allows companies to distribute mobile data capacity across multiple lines and enables third parties to market telecommunications services under their own brands.<\/p> Fintoc launched a recurring-payments solution in Mexico for credit providers, insurers, service companies and subscription businesses.<\/strong>\u00a0The platform supports recurring charges through direct debit and cards, with fixed or variable amounts, and subscriptions through Apple Pay and Google Pay. It identifies failed-payment causes, schedules automated retries and offers settlement alternatives through cards, SPEI or cash. Fintoc also integrated its AI agent, Luna, to analyze transactions and execute authorized actions, including refunds and CLABE creation. Mexico processed 47.7 million direct debits worth MXN$266.148 billion in 1Q26.<\/p> STP,<\/strong>\u00a0a Mexican fintech that provides electronic payment infrastructure and direct connectivity to SPEI,\u00a0appointed Ricardo Olmos as CEO.<\/strong>\u00a0Olmos previously served as the company\u2019s chief operating officer and will lead STP\u2019s next growth phase as electronic transfers continue to gain adoption in Mexico.<\/p> Grupo Trafalgar, a Mexican financial group with brokerage, electronic payments and asset management operations, is exploring participation in the Mexican and U.S. capital markets<\/strong>\u00a0to expand its access to capital and support growth. The company said any transaction would require regulatory and corporate approvals in both countries.<\/p> HR Ratings downgraded Mexico\u2019s sovereign rating to \u2018HR BBB\u2019 from \u2018HR BBB+\u2019, with a stable outlook,<\/strong>\u00a0reflecting deteriorating fiscal balances and a weaker economic growth trajectory. The agency expects public debt to continue increasing as fiscal requirements remain above 4% of GDP, despite the government\u2019s consolidation efforts. HR Ratings projects public debt at 61.2% of GDP by 2030 and 65.6% by 2033. The agency lowered its 2026 real GDP growth forecast to 1.3% and its long-term growth estimate to 1.5%, citing weak investment and stagnant productivity.<\/p> ANTAD\u2019s SSS increased 0.9% YoY in September<\/strong>, as specialized retail rose 4.8%, while self-service and department stores declined 0.3% and 0.8%, respectively. Total sales increased 3.7% YoY, with specialized retail up 9.4%, self-service up 2.6% and department stores up 0.3%.<\/p> Industrial activity increased 0.6% MoM on a seasonally adjusted basis in August,\u00a0<\/strong>above the 0.0% consensus estimate and marking its third consecutive monthly expansion, driven by 1.2% growth in manufacturing and 1.2% in utilities, while construction remained unchanged and mining contracted 1.6%. Industrial activity expanded 3.5% YoY on original data, above the 2.6% consensus, supported by 7.5% growth in construction, 3.2% in manufacturing and 1.6% in utilities, partially offset by a 0.8% decline in mining.<\/p> Heavy-vehicle retail sales declined 11.9% YoY to 2,980 units in September,\u00a0<\/strong>while wholesale sales decreased 5.4% to 2,965 units. Heavy-vehicle production increased 112.5% YoY to 15,067 units in September, while exports rose 105.4% to 12,923 units.<\/p> International visitor arrivals increased 7.8% YoY to 8.9 million in August.<\/strong>\u00a0Total spending by international visitors rose 8.6% YoY to US$2.36 billion, while average spending per international tourist advanced 2.1% to US$520.40.<\/p> Foreign holdings of Mexican government debt securities increased 1.23% MoM to MXN$1.807 trillion (US$99.0 billion) in September,<\/strong>\u00a0while foreign investors\u2019 share of total government debt remained unchanged at 11.12%. Foreign holdings of Bonos M rose 1.89% MoM, increasing their share of outstanding Bonos M by 59 bps to 26.89%. Bonos M represented 85.3% of Mexican government securities held by foreign investors.<\/p> Foreign investment in Mexican equities registered net capital outflows of US$205.8 million in September,<\/strong>\u00a0marking the fourth consecutive month of withdrawals. Cumulative net capital outflows totaled US$756.1 million in the first nine months of 2026, down from US$7.366 billion in the same period of 2025 and the lowest nine-month outflow in six years. Separately, the market value of foreign investors\u2019 Mexican equity holdings declined 6.9% MoM to US$180.227 billion, reflecting both capital flows and changes in the peso and equity valuations. Foreign equity holdings stood 12.7% below the record US$206.409 billion reached in February.<\/p> Mexico eliminated the 10% tariff on automotive parts and components imported from all countries for five years.\u00a0<\/strong>The exemption applies to terminal automotive companies authorized to operate bonded warehouses for vehicle assembly and manufacturing under the Ley Aduanera.<\/p> The Chamber of Deputies approved the 2027 Revenue Law, which projects MXN$10.63 trillion in federal revenues, up 0.7% YoY from the amount approved for 2026.\u00a0<\/strong>Lawmakers expanded the 2027 Fiscal Regularization Program by eliminating the MXN$300 million revenue ceiling, extending eligibility to larger taxpayers. The program allows taxpayers to eliminate fines, surcharges and enforcement expenses after paying the underlying tax liability. The legislation was turned over to the Senate for consideration.<\/p> The Chamber of Deputies, with support from Morena and its allies, approved the 2027 Federal Fees Law<\/strong>, increasing charges for several government services, procedures and permits. The changes include higher fees related to tourism, use of Mexican airspace and railway infrastructure.<\/p> USMCA.<\/strong>\u00a0Progress toward a U.S.\u2013Mexico tariff agreement stalled amid opposition from U.S. Commerce Secretary Howard Lutnick, according to\u00a0El Wall Street Journal<\/em>. The proposed agreement would reduce U.S. tariffs on Mexican steel, aluminum and automobiles in exchange for concessions from Mexico, ahead of broader USMCA negotiations. Lutnick apparently opposes significant reductions to the 25% tariff on Mexican automobiles and the 50% tariffs on steel and aluminum, including derivative products. The two countries have not scheduled a fourth round of bilateral trade and tariff negotiations.<\/p> Subasta CETES:<\/strong>\u00a028-day CETES +16 bps to 6.25%; 91-day CETES -23 bps to 6.55%; 182-day CETES -12 bps to 6.79% and 364-day CETES -33 bps to 7.11%.<\/p> The\u00a0S&P \/ BMV IPC\u00a0index rallied 4.4% last week to close at 68,929.72 pts due to lower US yields. Meanwhile, the Mexican peso lost 0.4% to close at<\/p>","protected":false},"author":35,"featured_media":20027,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[76],"tags":[],"class_list":["post-20026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-chatter"],"_links":{"self":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts\/20026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/comments?post=20026"}],"version-history":[{"count":1,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts\/20026\/revisions"}],"predecessor-version":[{"id":20031,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/posts\/20026\/revisions\/20031"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/media\/20027"}],"wp:attachment":[{"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/media?parent=20026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/categories?post=20026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/miranda-partners.com\/es\/wp-json\/wp\/v2\/tags?post=20026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/miranda-partners.com\/wp-content\/uploads\/2026\/10\/58720e78c6cef155.png\")
<\/figure>Public Companies<\/h3>
Other Companies<\/h3>
Economy<\/h3>
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